I hereby promulgate the Law concerning the partial amendment to be made to the National Savings Association Law.
Signed:HIROHITO, Seal of the Emperor
This first day of the ninth month of the twenty-second year of Showa (September 1, 1947)
Prime Minister KATAYAMA Tetsu
Part of the National Saving Association Law shall be amended as follows:
In Article 1, Item 1, "An area of the shi (city), cho (town) or son (village)(in the case of places where the Town and Village regime is not enforced, the places which may correspond to those places)" shall read "shi-cho-son, special districts or special cities'administrative districts" , and in Item 3 of the same Article "Commercial Unions, Engineering Unions" shall read "Commercial-engineering Cooperative Unions."
In Article 2, Paragraph 1, Item 3, "Life Insurance Central Association or" shall be deleted, and in Item 5 of the same paragraph, next to "the payment in instalment" "or deposits" shall be added. Item 9 of the same paragraph, shall be deleted and Item 10 shall be Item 9.
In Article 4, "deposits in a Mujin (mutual credit) company" shall be added next to "deposits in an urban area credit association" , and "\10,000" shall read "\30,000" , and "Corporation Debentures or Foreign securities" shall read "or Corporation Debentures" .
In Article 7, "the amendments to the Articles of the Association, change and re-election of the representative of the Association and others" shall be deleted.
In Article 8, Paragraph 1, "the prefectural governors" shall read "governors of To (metropolis), Do (district) and Fu-ken (prefectures) or mayors of special cities" , and in Paragraph 2 of the same Article, "the prefectural governors" shall read "governors of To, Do and Fu-ken or mayors of special cities" and "the mayors of the cities or heads of the towns or villages (in those cities which are mentioned in Article 6 and Paragraph 3 of Article 82, of the City Regime, the chiefs of the wards;whereas in the places where the Town and Village Regime is not in operation, a person who may correspond thereto)" shall read "the mayors of the cities, heads of towns and villages or chiefs of special districts or of administrative districts of special cities" .
Paragraph 2 of Article 9 shall be deleted.
Supplementary provisions:
The present law shall come into force as from the day of its promulgation, but the revised provisions of Article 4-(2) shall come into force as from the day which shall be fixed by a Cabinet Order.
Part of the revised provisions of Article 4 regarding the exemption of income taxes shall be applied to interests or profits to be paid after the enforcement of the provisions of same Article.
As for the deposits in agricultural associations of cities, towns or villages, or in other organizations, which were considered to have been made through people's savings unions good office in accordance with the provisions of Article 4-(2) of the former National Savings Association Law, only their interests to be paid within eight months after the day of enforcement of the revised provisions of same Article shall be dealt with in accordance with the revised provisions of Article 4.